What Is the Cheapest Toyota?
The Toyota Corolla is the cheapest Toyota by far. Here’s how you could afford a Toyota.
Written by Bonnie Stinson
Reviewed by Jessica Barrett
Although the Toyota Corolla is extremely affordable, the low price tag does not mean low quality. In fact, the Corolla is stylish, fuel-efficient, and one of the cheapest reliable cars on the market today.
Toyota has a reputation for reliability which extends to every car in the family. If you want to buy a Toyota but you don’t want to fork over a fortune, here’s what you need to know about the Corolla, the cheapest Toyota in the line-up.
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The Corolla is the cheapest Toyota you can buy
With a base MSRP of $21,550 for 2023, the Toyota Corolla continues to be one of the cheapest cars available from Toyota.
The affordability of the Toyota Corolla is one factor that has brought consumers back since 1966. In fact, the 2023 Toyota Corolla has improved the value of the model while holding onto the affordable price tag.
The Corolla comes with a 169-hp 2.0L four-cylinder and a continuously variable transmission (CVT). The CVT transmission is an added value, as it provides better fuel economy and fewer moving parts in comparison to a standard transmission.
The 2023 Toyota Corolla also comes equipped with automatic emergency braking and adaptive cruise control. Earning an impressive 40 mpg on the highway, this model is well worth your consideration.
The basic trim level (the Corolla LE) will keep your cost low, but the upgrades available on the other trim levels may be worth the extra price. Pay a bit more and you’ll enjoy a sportier finish, heated side mirrors, and a configurable 7-inch digital gauge cluster, depending on which trim you choose.
Here are the starting MSRP costs for three of the 2023 trim levels:
How much cheaper is the Toyota Corolla?
The Corolla LE is significantly lower in price than the next more affordable model, the Toyota Camry. Below you can see how the prices for Toyota’s other new models compare:
- 2023 Toyota GR86: $28,995
- 2023 Toyota GR Supra: $44,635
Another model that may bring you even more added value for your money is the Toyota Corolla Hybrid, with an upgrade released in the 2023 model. Earning 46 mpg on the highway with a hybrid engine and electronically controlled CVT (ECVT), this car is Toyota’s most fuel-efficient car yet!
How to find an affordable Toyota
Here are some tips for finding the most cost-effective Toyota in 2023:
- Stick to the base model. The Toyota Corolla SE will cost you $2,400 more than the LE basic trim level, and the upgrades are mostly aesthetic. Keep the car looking a bit more basic and pocket that extra cash!
- Avoid unnecessary upgrades. The basic trim level of the Toyota Corolla LE gives you all the necessary features you need in a compact car. Instead of a power tilt/slide sunroof, just open your windows. Eschewing the Convenience Package means you can avoid additional costs that can add up quickly (and you’ll save on yourToyota insurance costs, too!)
- Go used. With high-reliability ratings, Toyota Corollas should continue to maintain their quality and re-sale value after many years on the road. 2020 Corollas are worth, on average, about $17,000. With the cheapest Corolla, you’ll save a few thousand dollars up-front and still drive away with a solid car that can still provide years of good driving.
- Look for dealer incentives. Local dealers can provide many different deals and options for financing. Don’t be afraid to negotiate!
The best Toyota Corolla competitors you can buy for under $25,000
The Corolla is the cheapest car you can buy if you are loyal to Toyota. However, here are a few other cars in the same price range that are comparable to the Corolla:
- Honda Civic: The 2023 model starts at $24,650, and the Civic is a highly-rated car. It’s exceptionally reliable. Plus, Honda Civics have proven to hold their value on the used car market. However, the Corolla still beats the Civic with its low cost.
- Mazda 3: At $21,600 for the 2023 FWD model, the Mazda3 comes close to the affordability of the Corolla. The Mazda3 boasts more interior passenger space, however, the trunk space is comparable in both the Mazda3 and the Corolla.
- Kia Forte: Starting at $19,490, the Kia Forte is a major contender among affordable cars. While it doesn’t carry as much engine power or torque as the Corolla, the Kia Forte makes up for this disparity with about 20% more trunk space and the option to purchase a manual transmission model.
- Hyundai Elantra: The Hyundai Elantra 2023 starts at just $20,500. The warranty coverage and complimentary maintenance that the Elantra offers are more generous than the Corolla’s, adding to the satisfaction of buying an Elantra. However, overall the Corolla still ranks higher on reliability than the Elantra.
- Nissan Sentra: Nissan also makes a comparable car to the Toyota Corolla. Coming in with a base price of $20,098, the Nissan Sentra’s price tag is lower than the Corolla. However, the trim options and reliability of the Toyota Corolla beat out the Sentra, giving you more bang for your buck.
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